Carlisle Companies Incorporated (NYSE:CSL) today announced its
second quarter 2023 financial results.
- Second quarter revenues of $1.5 billion, declined 14.0%
year-over-year
- Reported second quarter GAAP diluted EPS from continuing
operations of $4.71 and adjusted EPS of $5.18, down 13.7%
year-over-year
- CCM operating income margin was 29.6% and adjusted EBITDA
margin returned to 30%+
- CWT operating income margin grew 350 basis points
year-over-year to 16.6%, and adjusted EBITDA margin grew 390 basis
points to 22.5%, driven by integration and efficiency
gains
- Announced an agreement to sell CFT, completing another major
step in our portfolio optimization strategy
- Repurchased 900 thousand shares for $200 million in the
quarter
Comments from Chris Koch, Chair,
President and Chief Executive Officer
"The second quarter proved to be a nice recovery story for us at
Carlisle with greater evidence of our collective efforts to improve
earnings and create value for all stakeholders. Our teams continue
to provide compelling energy-efficient solutions to building owners
and improve upon Carlisle's leadership position as the manufacturer
of choice to contractors and our distribution partners. Despite the
channel destocking activity in the second quarter, our teams
collectively drove excellent profitability from a combination of
price discipline, cost management and efficiency gains through
COS.
"We continue to see strong underlying demand for our building
products, particularly in non-residential construction markets. New
construction is buoyed by growth in manufacturing construction
projects and government-funded activity. Notably, CCM generates
two-thirds of its revenue from non-discretionary re-roofing demand
that provides sustainable growth runway. Contractor backlogs remain
strong, and new products that remove labor from the job site are
strongly desired. That said, rising interest rates, concerns of an
economic slowdown, weather disruptions and labor constraints are
watch items that may hinder construction activity.
"The CWT team continues to demonstrate outstanding performance
by driving operational efficiencies, pricing to value, and
executing its multi-pronged commercial and operational integration.
Despite year-over-year volume declines in residential markets, the
team achieved a remarkable 390 basis points of adjusted EBITDA
margin expansion to 22.5% in the second quarter.
"CIT continues to benefit from healthy aerospace demand while
reaping benefits from past restructuring actions. With its position
as a leading aerospace components supplier, CIT is poised to
leverage increasing aircraft production rates of both Boeing and
Airbus. Additionally, CIT is improving the profitability of its
medical and industrial platforms through customer and product line
rationalization, as well as enhanced efficiencies through COS. The
CIT team drove impressive adjusted EBITDA margin expansion of 520
basis points year-over-year to 17.9% in the second quarter, and we
expect significant year-over-year margin improvement for the full
year 2023 and beyond.
"In line with our strategy to 'pivot' to a pure-play premier
building products company, we signed a definitive agreement to sell
Carlisle Fluid Technologies for $520 million. This move represents
a significant step forward in our efforts to build a diversified
portfolio of premier energy-efficient building envelope solutions
and demonstrates our commitment to be superior capital
allocators.
"Vision 2025 continues to provide Carlisle clear direction. We
have stayed the course on our strategy to leverage above-average
organic growth in our markets and optimize our business portfolio.
This continues to drive higher margins, higher returns, and greater
earnings power for Carlisle in an accelerated timeframe. While the
pillars of Vision 2025 are still very much in place, we continue to
work on our new strategic plan, Vision 2030, and intend to share in
greater detail our path to further value creation for all our
stakeholders by the end of the year."
Second Quarter 2023
Revenue for the second quarter of $1.5 billion decreased 14.0%
year-over-year. Organic revenue decreased 13.9% (organic revenue
defined as revenue excluding acquired revenues within the last 12
months and the impact of changes in foreign exchange rates versus
the U.S. Dollar).
Operating income for the second quarter of $327.6 million
decreased 18.8% from $403.6 million in the second quarter of 2022.
Income from continuing operations for the second quarter of $241.5
million decreased 17.0% from $290.8 million in the second quarter
of 2022. Adjusted EBITDA for the second quarter of $385.4 million
decreased 16.3% from $460.2 million in the second quarter of 2022.
Despite the decline in second quarter revenues, adjusted EBITDA
margin was relatively consistent year-over-year.
Diluted earnings per share ("EPS") from continuing operations
for the second quarter of $4.71 decreased 14.7% from $5.52 in the
second quarter of 2022. Adjusted diluted EPS for the second quarter
of $5.18 decreased 13.7% from $6.00 in the second quarter of 2022.
The decrease in EPS reflects the impact from lower volumes in our
building products segments, partially offset by share
repurchases.
Second Quarter 2023 Segment
Highlights
Carlisle Construction Materials (CCM)
- Revenue of $947.5 million, declined 14.9% (all organic)
year-over-year, as strong underlying demand was more than offset by
channel destocking and unfavorable weather.
- Operating income was $280.7 million, down 21.8% year-over-year.
Adjusted EBITDA was $295.7 million, down 20.4% year-over-year,
reflecting an adjusted EBITDA margin of 31.2%, down 210 basis
points given lower volumes year-over-year.
- We expect full year 2023 revenues to decrease low-teens
year-over-year.
Carlisle Weatherproofing Technologies (CWT)
- Revenue of $359.5 million, declined 19.9% (-19.6% organic)
year-over-year primarily due to residential demand weakness and
project delays.
- Operating income was $59.5 million, increased 0.8%
year-over-year. Adjusted EBITDA was $80.8 million, down 3.2%
year-over-year reflecting an adjusted EBITDA margin of 22.5%, up
390 basis points, which was favorably impacted by efficiencies
gained through targeted restructuring actions, automated
manufacturing, and realized synergies from the Henry
acquisition.
- We expect full year 2023 revenues to decrease low-teens
year-over-year.
Carlisle Interconnect Technologies (CIT)
- Revenue of $218.9 million, increased 3.0% (+3.2% organic)
year-over-year, driven by continued strengthening in the aerospace
end market.
- Operating income was $19.7 million and adjusted EBITDA was
$39.2 million, up 45.2% year-over-year reflecting an adjusted
EBITDA margin of 17.9%, up 520 basis points, which was favorably
impacted by higher volumes in the aerospace end market and benefits
from past restructuring actions.
- We expect full year 2023 revenues to increase mid-single-digits
year-over-year, as medical customers work to right-size inventory
levels.
Cash Flow
Operating cash flow from continuing operations for the six
months ended June 30, 2023, was $333.0 million, an increase of
$110.8 million versus the prior year. Free cash flow from
continuing operations was $263.4 million, an increase of $120.9
million versus the prior year (defined as cash provided by
operating activities less capital expenditures and comprised of
continuing operations). This increase was driven by a reduction in
working capital uses as a result of lower sales volume, partially
offset by lower income from continuing operations.
During the six months ended June 30, 2023, we deployed $250.0
million toward share repurchases, including $200.0 million in the
current quarter, and paid $77.2 million in cash dividends,
including $38.3 million in the current quarter. As of June 30,
2023, we had 2.3 million shares available for repurchase under our
share repurchase program. Additionally, as of June 30, 2023, we had
$379.3 million of cash and cash equivalents and $1.0 billion of
availability under our revolving credit facility.
Conference Call and
Webcast
Carlisle will discuss second quarter 2023 results on a
conference call at 5:00 p.m. ET today. The call can be accessed via
webcast, along with related materials, at
www.carlisle.com/investors/events-and-presentations and via
telephone as follows:
Domestic toll free: 888-886-7786 International: 416-764-8658
Conference ID: 00270055
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements generally use words such as
"expect," "foresee," "anticipate," "believe," "project," "should,"
"estimate," "will," "plans," "intends," "forecast," and similar
expressions, and reflect our expectations concerning the future.
Such statements are made based on known events and circumstances at
the time of publication and, as such, are subject in the future to
unforeseen risks and uncertainties. It is possible that our future
performance may differ materially from current expectations
expressed in these forward-looking statements, due to a variety of
factors such as: increasing price and product/service competition
by foreign and domestic competitors, including new entrants;
technological developments and changes; the ability to continue to
introduce competitive new products and services on a timely,
cost-effective basis; our mix of products/services; increases in
raw material costs that cannot be recovered in product pricing;
domestic and foreign governmental and public policy changes
including environmental and industry regulations; the ability to
meet our goals relating to our intended reduction of greenhouse gas
emissions, including our net zero commitments; threats associated
with and efforts to combat terrorism; protection and validity of
patent and other intellectual property rights; the identification
of strategic acquisition targets and our successful completion of
any transaction and integration of our strategic acquisitions; our
successful completion of strategic dispositions; the cyclical
nature of our businesses; the impact of information technology,
cybersecurity or data security breaches at our businesses or third
parties; the outcome of pending and future litigation and
governmental proceedings; the emergence or continuation of
widespread health emergencies such as the COVID-19 pandemic,
including, for example, expectations regarding their impact on our
businesses, including on customer demand, supply chains and
distribution systems, production, our ability to maintain
appropriate labor levels, our ability to ship products to our
customers, our future results, or our full-year financial outlook;
and the other factors discussed in the reports we file with or
furnish to the Securities and Exchange Commission from time to
time. In addition, such statements could be affected by general
industry and market conditions and growth rates, the condition of
the financial and credit markets and general domestic and
international economic conditions, including inflation and interest
rate and currency exchange rate fluctuations. Further, any conflict
in the international arena, including the Russian invasion of
Ukraine, may adversely affect general market conditions and our
future performance. Any forward-looking statement speaks only as of
the date on which that statement is made, and we undertake no duty
to update any forward-looking statement to reflect events or
circumstances, including unanticipated events, after the date on
which that statement is made, unless otherwise required by law. New
factors emerge from time to time and it is not possible for
management to predict all of those factors, nor can it assess the
impact of each of those factors on the business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statement.
Non-GAAP Disclosure
Carlisle reports its financial results in accordance with the
U.S. generally accepted accounting principles (GAAP). This press
release also contains certain financial measures such as adjusted
diluted EPS, adjusted EBITDA, adjusted EBITDA margin, organic
revenue and free cash flow that are not recognized under GAAP.
Management believes that adjusted diluted EPS, adjusted EBITDA,
adjusted EBITDA margin and organic revenue are useful to investors
because they allow for comparison to Carlisle’s and its segments'
performance in prior periods without the effect of items that, by
their nature, tend to obscure core operating results due to
potential variability across periods based on the timing, frequency
and magnitude of such items. Management also believes free cash
flow is useful to investors as an additional way of viewing
Carlisle's liquidity and provides a more complete understanding of
factors and trends affecting Carlisle's cash flows. As a result,
management believes that these measures enhance the ability of
investors to analyze trends in Carlisle’s businesses and evaluate
Carlisle’s performance relative to similarly-situated companies.
Reconciliations of these measures to amounts reported in Carlisle's
consolidated financial statements are in the supplemental schedules
of this press release.
About Carlisle Companies
Incorporated
Carlisle Companies Incorporated is a leading supplier of
innovative building envelope products and solutions for more energy
efficient buildings. Through its building products businesses –
Carlisle Construction Materials ("CCM") and Carlisle
Weatherproofing Technologies ("CWT") – and family of leading
brands, Carlisle delivers innovative, labor-reducing and
environmentally responsible products and solutions to customers
through the Carlisle Experience. Carlisle is committed to
generating superior shareholder returns and maintaining a balanced
capital deployment approach, including investments in our
businesses, strategic acquisitions, share repurchases and continued
dividend increases. Carlisle is also a leading provider of products
to the aerospace and medical technologies markets through its
Carlisle Interconnect Technologies ("CIT") business segment.
Leveraging its culture of continuous improvement as embodied in the
Carlisle Operating System ("COS"), Carlisle has committed to
achieving net-zero greenhouse gas emissions by 2050.
Carlisle Companies
Incorporated
Unaudited Consolidated Statements
of Income
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share
amounts)
2023
2022
2023
2022
Revenues
$
1,525.9
$
1,774.9
$
2,632.0
$
3,200.1
Cost of goods sold
995.7
1,170.1
1,785.3
2,130.2
Selling and administrative expenses
189.5
192.0
360.0
376.0
Research and development expenses
13.1
11.0
26.8
21.2
Other operating (income) expense, net
—
(1.8
)
1.7
(3.5
)
Operating income
327.6
403.6
458.2
676.2
Interest expense, net
18.8
22.5
37.6
45.0
Interest income
(4.5
)
(0.6
)
(9.1
)
(0.8
)
Other non-operating expense (income),
net
0.2
2.3
(1.1
)
2.5
Income from continuing operations before
income taxes
313.1
379.4
430.8
629.5
Provision for income taxes
71.6
88.6
97.5
148.3
Income from continuing operations
241.5
290.8
333.3
481.2
Discontinued operations:
(Loss) income before income taxes
(62.3
)
11.7
(51.4
)
15.6
(Benefit from) provision for income
taxes
(15.4
)
1.0
(14.4
)
1.7
(Loss) income from discontinued
operations
(46.9
)
10.7
(37.0
)
13.9
Net income
$
194.6
$
301.5
$
296.3
$
495.1
Basic earnings per share attributable to
common shares:
Income from continuing operations
$
4.75
$
5.60
$
6.53
$
9.23
(Loss) income from discontinued
operations
(0.92
)
0.21
(0.72
)
0.27
Basic earnings per share
$
3.83
$
5.81
$
5.81
$
9.50
Diluted earnings per share attributable to
common shares:
Income from continuing operations
$
4.71
$
5.52
$
6.47
$
9.11
(Loss) income from discontinued
operations
(0.92
)
0.21
(0.72
)
0.26
Diluted earnings per share
$
3.79
$
5.73
$
5.75
$
9.37
Average shares outstanding:
Basic
50.7
51.8
50.9
52.0
Diluted
51.2
52.5
51.4
52.7
Dividends declared and paid per share
$
0.75
$
0.54
$
1.50
$
1.08
Carlisle Companies
Incorporated
Unaudited Condensed Consolidated
Statements of Cash Flows
Six Months Ended
June 30,
(in millions)
2023
2022
Net cash provided by operating
activities
$
370.7
$
223.5
Investing activities:
Capital expenditures
(70.1
)
(82.7
)
Proceeds from sale of discontinued
operation, net of cash disposed
—
132.0
Acquisitions, net of cash acquired
—
(24.7
)
Investment in securities
0.2
10.3
Other investing activities, net
14.0
2.0
Net cash (used in) provided by investing
activities
(55.9
)
36.9
Financing activities:
Repurchases of common stock
(250.0
)
(175.0
)
Dividends paid
(77.2
)
(56.7
)
Proceeds from exercise of stock
options
11.8
16.0
Withholding tax paid related to
stock-based compensation
(10.0
)
(12.5
)
Other financing activities, net
(1.7
)
(1.7
)
Net cash used in financing activities
(327.1
)
(229.9
)
Effect of foreign currency exchange rate
changes on cash and cash equivalents
0.8
(1.7
)
Change in cash and cash equivalents
(11.5
)
28.8
Less: change in cash and cash equivalents
of discontinued operations
(2.1
)
(2.2
)
Cash and cash equivalents at beginning of
period
388.7
313.7
Cash and cash equivalents at end of
period
$
379.3
$
344.7
Carlisle Companies
Incorporated
Unaudited Selected Consolidated
Balance Sheet Data
(in millions)
June 30, 2023
December 31,
2022
Cash and cash equivalents
$
379.3
$
388.7
Long-term debt, including current
portion
2,584.2
2,582.9
Total stockholders' equity
3,032.0
3,024.4
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Organic Revenue
Organic revenue (defined as revenue excluding acquired revenues
within the last 12 months and the impact of changes in foreign
exchange rates versus the U.S. Dollar) is intended to provide
investors and others with information about Carlisle's and its
segments' recurring operating performance. This information differs
from revenue determined in accordance with accounting principles
generally accepted in the United States of America ("GAAP") and
should not be considered in isolation or as a substitute for
measures of performance determined in accordance with GAAP.
Carlisle's and its segments' organic revenue follows, which may not
be comparable to similarly titled measures reported by other
companies.
Three Months Ended June
30,
(in millions, except percentages)
CSL
CCM
CWT
CIT
2022 Revenue (GAAP)
$
1,774.9
$
1,113.4
$
448.9
$
212.6
Organic
(246.8
)
(13.9
)%
(165.4
)
(14.9
)%
(88.1
)
(19.6
)%
6.7
3.2
%
Acquisitions
—
—
%
—
—
%
—
—
%
—
—
%
FX impact
(2.2
)
(0.1
)%
(0.5
)
—
%
(1.3
)
(0.3
)%
(0.4
)
(0.2
)%
Total change
(249.0
)
(14.0
)%
(165.9
)
(14.9
)%
(89.4
)
(19.9
)%
6.3
3.0
%
2023 Revenue (GAAP)
$
1,525.9
$
947.5
$
359.5
$
218.9
Six Months Ended June
30,
(in millions, except percentages)
CSL
CCM
CWT
CIT
2022 Revenues (GAAP)
$
3,200.1
$
1,994.5
$
808.0
$
397.6
Organic
(560.1
)
(17.5
)%
(467.1
)
(23.4
)%
(128.7
)
(15.9
)%
35.7
9.0
%
Acquisitions
—
—
%
—
—
%
—
—
%
—
—
%
FX impact
(8.0
)
(0.3
)%
(3.9
)
(0.2
)%
(3.2
)
(0.4
)%
(0.9
)
(0.2
)%
Total change
(568.1
)
(17.8
)%
(471.0
)
(23.6
)%
(131.9
)
(16.3
)%
34.8
8.8
%
2023 Revenues (GAAP)
$
2,632.0
$
1,523.5
$
676.1
$
432.4
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Free Cash Flow
Free cash flow is intended to provide investors and others with
information about Carlisle's liquidity and provides a more complete
understanding of factors and trends affecting the Company's cash
flows. This information differs from operating cash flow determined
in accordance with GAAP and should not be considered in isolation
or as a substitute for measures of performance determined in
accordance with GAAP. Carlisle's free cash flow follows, which may
not be comparable to similarly titled measures reported by other
companies.
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)
2023
2022
2023
2022
Operating cash flow (GAAP)
$
221.1
$
179.2
$
370.7
$
223.5
Less: operating cash flow from
discontinued operations
25.3
6.9
37.7
1.3
Operating cash flow from continuing
operations
$
195.8
$
172.3
$
333.0
$
222.2
Capital expenditures (GAAP)
$
(29.9
)
$
(51.6
)
$
(70.1
)
$
(82.7
)
Less: capital expenditures from
discontinued operations
(0.2
)
(2.5
)
(0.5
)
(3.0
)
Capital expenditures from continuing
operations
$
(29.7
)
$
(49.1
)
$
(69.6
)
$
(79.7
)
Operating cash flow from continuing
operations
$
195.8
$
172.3
$
333.0
$
222.2
Capital expenditures from continuing
operations
(29.7
)
(49.1
)
(69.6
)
(79.7
)
Free cash flow from continuing
operations
$
166.1
$
123.2
$
263.4
$
142.5
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT,
Adjusted EBITDA and Adjusted EBITDA Margin
Earnings before interest and taxes ("EBIT"), adjusted EBIT,
adjusted earnings before interest, taxes, depreciation and
amortization ("EBITDA") and adjusted EBITDA margin are intended to
provide investors and others with information about the Company's
and its segments' performance without the effect of items that, by
their nature, tend to obscure core operating results due to
potential variability across periods based on the timing, frequency
and magnitude of such items. As a result, management believes that
these measures enhance the ability of investors to analyze trends
in the Company’s businesses and evaluate the Company’s performance
relative to similarly-situated companies. This information differs
from net income and operating income determined in accordance with
GAAP and should not be considered in isolation or as a substitute
for measures of performance determined in accordance with GAAP.
Carlisle's and its segments' EBIT, adjusted EBIT, adjusted EBITDA
and adjusted EBITDA margin follows, which may not be comparable to
similarly titled measures reported by other companies.
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except percentages)
2023
2022
2023
2022
Net income (GAAP)
$
194.6
$
301.5
$
296.3
$
495.1
Less: (loss) income from discontinued
operations (GAAP)
(46.9
)
10.7
(37.0
)
13.9
Income from continuing operations
(GAAP)
241.5
290.8
333.3
481.2
Provision for income taxes
71.6
88.6
97.5
148.3
Interest expense, net
18.8
22.5
37.6
45.0
Interest income
(4.5
)
(0.6
)
(9.1
)
(0.8
)
EBIT
327.4
401.3
459.3
673.7
Exit and disposal, and facility
rationalization costs
2.0
0.7
6.5
2.8
Inventory step-up amortization and
transaction costs
—
0.8
1.6
0.8
Impairment charges
0.4
—
1.3
0.2
(Gains) losses from acquisitions and
disposals
(1.3
)
0.1
2.7
0.3
Losses from insurance
—
—
—
0.3
Losses from litigation
1.6
—
1.5
—
Total non-comparable items
2.7
1.6
13.6
4.4
Adjusted EBIT
330.1
402.9
472.9
678.1
Depreciation
21.8
22.6
43.8
45.1
Amortization
33.5
34.7
67.0
71.2
Adjusted EBITDA
$
385.4
$
460.2
$
583.7
$
794.4
Divided by:
Total revenues
$
1,525.9
$
1,774.9
$
2,632.0
$
3,200.1
Adjusted EBITDA margin
25.3
%
25.9
%
22.2
%
24.8
%
Carlisle Companies
Incorporated
Unaudited Non-GAAP
Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and
Adjusted EBITDA Margin
Three Months Ended June 30,
2023
(in millions, except percentages)
CCM
CWT
CIT
Corporate and
unallocated
Operating income (loss) (GAAP)
$
280.7
$
59.5
$
19.7
$
(32.3
)
Non-operating (income) expense, net(1)
(0.2
)
0.4
0.5
(0.5
)
EBIT
280.9
59.1
19.2
(31.8
)
Exit and disposal, and facility
rationalization costs
—
0.5
1.5
—
Impairment charges
—
0.4
—
—
(Gains) losses from acquisitions and
disposals
(0.1
)
(1.2
)
0.1
(0.1
)
Losses from litigation
—
—
1.5
0.1
Total non-comparable items
(0.1
)
(0.3
)
3.1
—
Adjusted EBIT
280.8
58.8
22.3
(31.8
)
Depreciation
10.8
4.3
5.8
0.9
Amortization
4.1
17.7
11.1
0.6
Adjusted EBITDA
$
295.7
$
80.8
$
39.2
$
(30.3
)
Divided by:
Total revenues
$
947.5
$
359.5
$
218.9
$
—
Adjusted EBITDA margin
31.2
%
22.5
%
17.9
%
NM
(1)
Includes other non-operating (income)
expense, net, which may be presented in separate line items on the
unaudited Consolidated Statements of Income.
Three Months Ended June 30,
2022
(in millions, except percentages)
CCM
CWT
CIT
Corporate and
unallocated
Operating income (loss) (GAAP)
$
358.9
$
59.0
$
7.9
$
(22.2
)
Non-operating expense (income), net(1)
0.9
0.1
(0.3
)
1.6
EBIT
358.0
58.9
8.2
(23.8
)
Exit and disposal, and facility
rationalization costs
—
—
0.7
—
Inventory step-up amortization and
transaction costs
—
0.1
—
0.7
(Gains) losses from acquisitions and
disposals
(0.1
)
—
0.2
—
(Gains) losses from litigation
—
—
(0.1
)
0.1
Total non-comparable items
(0.1
)
0.1
0.8
0.8
Adjusted EBIT
357.9
59.0
9.0
(23.0
)
Depreciation
9.3
6.4
6.1
0.8
Amortization
4.1
18.1
11.9
0.6
Adjusted EBITDA
$
371.3
$
83.5
$
27.0
$
(21.6
)
Divided by:
Total revenues
$
1,113.4
$
448.9
$
212.6
$
—
Adjusted EBITDA margin
33.3
%
18.6
%
12.7
%
NM
(1)
Includes other non-operating (income)
expense, net, which may be presented in separate line items on the
unaudited Consolidated Statements of Income.
Carlisle Companies
Incorporated
Unaudited Non-GAAP
Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and
Adjusted EBITDA Margin
Six Months Ended June 30,
2023
(in millions)
CCM
CWT
CIT
Corporate and
unallocated
Operating income (loss) (GAAP)
$
403.1
$
83.6
$
30.6
$
(59.1
)
Non-operating (income) expense, net(1)
(0.3
)
0.2
0.4
(1.4
)
EBIT
403.4
83.4
30.2
(57.7
)
Exit and disposal, and facility
rationalization costs
0.1
2.7
3.7
—
Inventory step-up amortization and
acquisition costs
—
—
—
1.6
Impairment charges
—
1.3
—
—
(Gains) losses from acquisitions and
disposals
(0.3
)
2.9
0.2
(0.1
)
Losses (gains) from litigation
—
—
1.6
(0.1
)
Total non-comparable items
(0.2
)
6.9
5.5
1.4
Adjusted EBIT
403.2
90.3
35.7
(56.3
)
Depreciation
21.1
9.1
11.7
1.9
Amortization
8.2
35.3
22.3
1.2
Adjusted EBITDA
$
432.5
$
134.7
$
69.7
$
(53.2
)
Total revenues
$
1,523.5
$
676.1
$
432.4
$
—
Adjusted EBITDA margin
28.4
%
19.9
%
16.1
%
NM
(1)
Includes other non-operating expense
(income), net, which may be presented in separate line items on the
Condensed Consolidated Statements of Income.
Six Months Ended June 30,
2022
(in millions)
CCM
CWT
CIT
Corporate and
unallocated
Operating income (loss) (GAAP)
$
620.0
$
96.5
$
5.4
$
(45.7
)
Non-operating expense (income), net(1)
0.9
0.2
(0.8
)
2.2
EBIT
619.1
96.3
6.2
(47.9
)
Exit and disposal, and facility
rationalization costs
—
0.1
2.7
—
Inventory step-up amortization and
acquisition costs
—
—
—
0.8
Impairment charges
—
0.2
—
—
(Gains) losses from acquisitions and
disposals
(0.1
)
—
0.4
—
Losses from insurance
—
0.3
—
—
(Gains) losses from litigation
—
—
(0.1
)
0.1
Total non-comparable items
(0.1
)
0.6
3.0
0.9
Adjusted EBIT
619.0
96.9
9.2
(47.0
)
Depreciation
18.5
12.7
12.2
1.7
Amortization
9.1
37.0
24.0
1.1
Adjusted EBITDA
$
646.6
$
146.6
$
45.4
$
(44.2
)
Total revenues
$
1,994.5
$
808.0
$
397.6
$
—
Adjusted EBITDA margin
32.4
%
18.1
%
11.4
%
NM
(1)
Includes other non-operating expense
(income), net, which may be presented in separate line items on the
Condensed Consolidated Statements of Income.
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - Adjusted Net Income and
Adjusted Diluted EPS
Adjusted net income and adjusted diluted earnings per share is
intended to provide investors and others with information about
Carlisle's performance without the effect of items that, by their
nature, tend to obscure the Company’s core operating results due to
potential variability across periods based on the timing, frequency
and magnitude of such items. This information differs from net
income and diluted earnings per share determined in accordance with
GAAP and should not be considered in isolation or as a substitute
for measures of performance determined in accordance with GAAP.
Carlisle's adjusted net income and adjusted diluted earnings per
share follows, which may not be comparable to similarly titled
measures reported by other companies.
Three Months Ended June
30, 2023
Three Months Ended June
30, 2022
(in millions, except per share
amounts)
Pre-tax Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Pre-tax Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Net income (GAAP)
$
194.6
$
3.79
$
301.5
$
5.73
Less: (loss) income from discontinued
operations (GAAP)
(46.9
)
(0.92
)
10.7
0.21
Income from continuing operations
(GAAP)
241.5
4.71
290.8
5.52
Exit and disposal, and facility
rationalization costs
2.0
1.5
0.03
0.7
0.5
0.01
Inventory step-up amortization and
transaction costs
—
—
—
0.8
0.6
0.01
Impairment charges
0.4
0.3
0.01
—
—
—
(Gains) losses from acquisitions and
disposals
(1.3
)
(1.0
)
(0.02
)
0.1
0.1
—
Losses from litigation
1.6
1.1
0.02
—
—
—
Acquisition-related amortization(3)
31.8
24.2
0.47
33.3
25.5
0.49
Discrete tax items(4)
—
(2.0
)
(0.04
)
—
(1.5
)
(0.03
)
Total adjustments
24.1
0.47
25.2
0.48
Adjusted net income
$
265.6
$
5.18
$
316.0
$
6.00
(1)
The impact to net income reflects the tax
effect of noted items, which is based on the statutory rate in the
jurisdiction in which the expense or income is deductible or
taxable.
(2)
The per share impact of adjustments to
each period is based on diluted shares outstanding using the
two-class method.
(3)
Acquisition-related amortization includes
the amortization of customer relationships, technology, trade names
and other intangible assets recorded in purchase accounting in
connection with a business combination. These intangible assets
contribute to revenue generation and the amortization of these
assets will recur until such intangible assets are fully
amortized.
(4)
Discrete tax items include current period
tax expense or benefit related to prior year items, the tax impact
of foreign currency gains and losses, or changes in tax laws or
rates.
Carlisle Companies
Incorporated
Unaudited Non-GAAP Financial
Measures - Adjusted Net Income and Adjusted Diluted EPS
Six Months Ended June
30, 2023
Six Months Ended June
30, 2022
(in millions, except per share
amounts)
Pre-tax Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Pre-tax Impact
After-tax
Impact(1)
Impact to Diluted
EPS(2)
Net income (GAAP)
$
296.3
$
5.75
$
495.1
$
9.37
Less: (loss) income from discontinued
operations (GAAP)
(37.0
)
(0.72
)
13.9
0.26
Income from continuing operations
(GAAP)
333.3
6.47
481.2
9.11
Exit and disposal, and facility
rationalization costs
6.5
4.9
0.10
2.8
2.1
0.04
Inventory step-up amortization and
acquisition costs
1.6
1.2
0.02
0.8
0.6
0.01
Impairment charges
1.3
1.0
0.02
0.2
0.1
—
Losses from acquisitions and disposals
2.7
2.0
0.04
0.3
0.3
0.01
Losses from insurance
—
—
—
0.3
0.2
—
Losses from litigation
1.5
1.1
0.02
—
—
—
Acquisition-related amortization(3)
63.7
48.4
0.94
68.3
52.0
0.98
Discrete tax items(4)
—
(3.4
)
(0.07
)
—
(1.7
)
(0.03
)
Total adjustments
55.2
1.07
53.6
1.01
Adjusted net income
$
388.5
$
7.54
$
534.8
$
10.12
(1)
The impact to net income reflects the tax
effect of noted items, which is based on the statutory rate in the
jurisdiction in which the expense or income is deductible or
taxable.
(2)
The per share impact of adjustments to
each period is based on diluted shares outstanding using the
two-class method.
(3)
Acquisition-related amortization includes
the amortization of customer relationships, technology, trade names
and other intangible assets recorded in purchase accounting in
connection with a business combination. These intangible assets
contribute to revenue generation and the amortization of these
assets will recur until such intangible assets are fully
amortized.
(4)
Discrete tax items include current period
tax expense or benefit related to prior year items, the tax impact
of foreign currency gains and losses, or changes in tax laws or
rates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726857145/en/
Jim Giannakouros, CFA Vice President, Investor Relations (480)
781-5135 jgiannakouros@carlisle.com
Carlisle Companies (NYSE:CSL)
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